Eco 365 microeconomics - Study guides, Class notes & Summaries

The table below presents the average and marginal cost of producing cheeseburgers per hour at a roadside diner. Cheeseburger Production Costs Quantity(burge rs per hour) Average Variable Cost (dollars) Average Total Cost (dollars) Marginal Cost (dollars) 0 — — — 10 $1.00 $6.60 $1.00 20 0.70 3.50 0.40 30 0.70 2.57 0.70 40 0.78 2.18 1.00 50 0.88 2.00 1.30 60 1.07 2.00 2.00 70 1.34 2.14 3.00 80 1.74 2.44 4.50 90 2.23 2.86 6.20 100 2.81 3.37 8.00 a. At a quantity of 40 ...

ECO 365 Final Exam Year 2018 Which of the following statements is true about a downward-sloping demand curve that is a straight line? The best example of positive externality is: Suppose that college tuition is higher this year than last and that more students are enrolled in college this year than last year. Based on this information, we can best conclude that: Suppose foreign shrimp prices drop by 32 percent and importers gain a 90 percent market share. From this information, what woul...

ECO 365 Final Exam

ECO 365 MICROECONOMICS Final Exam , All Correct Test bank Questions and Answers with Explanations (latest Update), 100% Correct, Download to Score A

ECO 365 MICROECONOMICS, Elasticity and consumer Quiz, All Correct Test bank Questions and Answers with Explanations (latest Update), 100% Correct, Download to Score A